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Best online Banks in Indonesia

In the last six years, the Indonesian banking industry has changed in a very interesting way. In this regard, 2016 was a big year because BTPN, an incumbent bank, released Jenius, a online banking product. Battling for the position of the best online banks in Indonesia.

Since then, there have been 13 more online banks. Some of them were made by traditional banks, and others were made by fintech companies, both competing to be one of the best online banks in Indonesia.

The best online banks in Indonesia have a positive influence on the banking industry.

The new rules say that foreign companies can own up to 99% of local lenders. Before, this number was only 40%. These rules also make it easier for digital services to get permits faster.

Before, you had up to 60 days, but now you only have up to 14 days. Accounts, savings, and transfers are all basic services that don’t even need a permit. Also, a digital bank that offers these services only needs to report to OJK, the country’s financial services authority.

In addition to the 13 digital banks we list in the article, five more fintech startups are waiting to enter the market: BukuKas, Shopee, Grab, Gojek, and Youtab Indonesia.

Let’t explore the best online banks in Indonesia.


Best Online Banks in Indonesia

Allo Bank - logo


Allo Bank

Let’s start this list of digital banks in Indonesia from the beginning with Allo Bank. This Indonesian bank has been around for a long time.

Before 1992, the bank was called PT Bank Arta Griya. In 1992, the name of the bank changed several times. The bank was bought by PT Mega Corpora in 2021, and that same year, in March, the OJK gave its approval.

The bank changed its name again in June 2021. This time to the Allo Bank.

Allo Bank is different from some of the other banks on this list because it has a modern app with no monthly fees, an easy-to-open account, and savings interest rates of up to 6% that are higher than the market average.

The Bank is known for its MPC Customer loyalty program, which includes Membership, Points, and Coupons that can be used on all CT Corpora platforms.

Aladin Bank - logo

Bank Aladin

Aladin’s goal is to become the best online sharia bank. The company says that it runs its business according to Islamic values like trust, honesty, fairness, respect for others, the truth, and tolerance.

You get a GPN debit card with the account, which you can use to shop in stores or online and get cash from ATMs.

A Mudharabah, or profit-sharing contract, lets you open up to 20 savings accounts in addition to your main account. Your savings are not locked up, so you can take them out whenever you want.

The Aladin app also lets you give money to other people anytime, anywhere. Zakat (Mal, Profession, and Fitrah), Infaq, Waqf, and Qurban are all ways to give money at this time.

Bank Capital - logo

Bank Capital

Bank Capital began in 1989, but it didn’t start doing digital banking until 2020. Since it doesn’t have a separate digital banking department, it’s still more of an online bank.

With its own app, you can do many of the things you’d expect to be able to do. You can check your balance, send money, and pay your bills, among other things.

There are two types of accounts: personal and business. Both offer savings accounts and loans.

Bank Jago - logo

Bank Jago

Jago channels some of the best digital banks in the West. The company says the Jago app was made with “life-centered principles” in mind. The bank used to be called Bank Artos, but in 2020, after a change in who owned the bank, it got a new name.

The Jago app itself didn’t come out until 2021, but it has become popular because it is liked by young people.

My favorite thing about Jago is the Pockets, which are a useful way to keep track of your savings and spending. By putting money in these different pockets, or sub-accounts, you can keep track of your spending and money better.

With a savings pocket, it’s easy to put money away for things like an emergency fund. You can make a flexible time deposit that lets you add money at any time to get higher interest rates.

Neo Commerce Bank - logo

Bank Neo Commerce

After working as a bank for 30 years, BNC changed into a digital bank. The bank, which used to be called Bank Yudha Bhakti, is now called Bank Neo Commerce.

BNC offers loans as well as checking and savings accounts, time deposits, and deposits on call.

The rates are 2.50 percent for checking accounts, 3.50 percent for prime savings, and 0.50 percent to 1.5 percent for regular savings accounts. For 1–12 months, the interest rate on deposits is 3.50%.

Even though the app looks and feels modern, we wish it had more features.

Raya Bank - logo

Bank Raya

Bank Raya is a subsidiary of Bank Rakyat Indonesia. It is changing its products to serve the growing gig economy, which is expected to include 75 million people by 2025.

They were the first company to speed up digital lending with Pinang, which is now a well-known name. Pinang was their first full-service digital lending product.

Raya has a wide range of online banking services:

  • A GPN debit card
  • Pinang Connect P2P loans
  • Pinang Flexi quick loans
  • QRIS payments
  • Digital savings
  • Paylater – buy now, pay later program

Raya’s savings account is interesting because there’s no minimum balance required, no monthly admin fees, free transfers and cash withdrawals, and various savings options with competitive interest rates.

There are also pockets that are a great way to separate your money:

  • Saku Bujet
    Used for everyday business. Connect to the card easily to make purchases.
  • Saku Jaga
    Deposit money and withdraw anytime without penalty.
  • Saku Pintar
    Use Pocket Smart to get up to 4% interest. Save money on its own, and you can take out money twice in a year.
blu (BCA Digital) bank - logo

blu (BCA Digital)

BCA Digital is a financial technology company that offers banking services, as well as corporate governance, digital media, consulting, and, of course, financial services.

BCA made an app for digital banking called blu, which you can use to open:

  • bluAccount doesn’t charge admin fees every month
  • bluSaving has 10 ways to save money.
  • bluGether is a way for up to 24 people to save money together.
  • bluDeposit is a simple, flexible time deposit that pays more interest than bluSaving.

You only need to download the app and have your E-KTP and (optional) NPWP ready to use blu.

People who don’t live in Indonesia can also open an account. But they will need E-KTP, an Indonesian phone number, and roaming turned on for OTP SMS.

Blu also has a large rewards program with more than 20 different discounts.

Digibank DBS Bank - logo

Digibank by DBS

Digibank by DBS has both personal and business accounts, and it also helps people manage their wealth. The app makes it easy to save money, make deposits, make investments, get a credit card, or get a loan right away.

Digibank is different from some other banks in Indonesia because it lets you get a Visa credit card in “60 seconds.” This card has many benefits, like rewards points and discounts at local stores and restaurants.

Even though the bank’s savings rate of up to 3.50% is good, you can make even more money by buying government bonds. They give a higher rate of return than deposits and are backed by the government of Indonesia.

People who need to send money abroad for business or personal reasons will be happy to know that they can now do so at any time and from anywhere. With the Digibank app, you can quickly send money to friends, family, and business partners abroad.

Hana Bank - logo

Hana Bank

Hana Bank has a long history. It began as Bank Pasar Pagi Madju in 1971 and has changed its name a few times since then. The last time it changed its name was in 2020, when it got the name it has now.

The bank’s goal is to “provide fast, easy, and customer-focused services” and to be very committed to the economic growth of Indonesia.

The bank has easy-to-open savings accounts for both individuals and businesses. To open an account, all you have to do is show proof of who you are, like an ID card, KITAS, passport, or whatever else is needed.

It has a regular savings account, Future Savings, Giro, and Junior for personal use.

The MyHana app lets you do everything you’d expect from a digital banking app.

Jenius (BTPN) Bank - logo

Jenius (BTPN)

Jenius was the first online bank in Indonesia, and it helped set the country on the path to growth. It was started in 2016 by the traditional bank BTPN. This bank has been around since 1958, when it was started to help military veterans.

More than 3.3 million people already use the Jenius app and card to save money and make purchases.

With Jenius, it’s easy to buy credit and data packages, pay bills (like credit cards, electricity, water, and internet), pay zakat, donate, or give to charity.

It is now easier to buy things from different stores online. You don’t need a debit or credit card—just enter $Cashtag.

When it comes to cards, there are three kinds of debit cards that you can use to pay for things, even online:


Besides saving and putting money in the bank, you can now invest in Jenius to make your money grow. To buy mutual funds, open the Jenius app, tap Wealth at the bottom of the screen, and then tap the Investment menu.

Through its app, Jenius also lets people set up business accounts. Set up a business account in the Jenius app to keep your business finances separate and manage them, and download Bisniskit from Jenius on Google Play or the App Store to make it easier to run your business and help it grow faster.

When you sign up for a Jenius business account, you get four perks:

  • You can send and get money from other Jenius, other banks, and digital payments.
  • You can keep track of all your transactions and download e-statements with your monthly financial reports.
  • Use a virtual debit card to shop online at any Visa store.
    Use your business account to pay the bills for running your business.
Motion Banking Bank - logo

Motion Banking (MNC Bank)

Motion Banking is a mobile banking app from MNC Bank. It was made so that MNC Bank customers can do both financial and non-financial transactions every day, and it can be used anywhere and at any time on a smartphone.

Full Biometric Digital Onboarding makes it easy and quick to open a Motion Banking savings account. The savings account doesn’t have a minimum balance requirement and doesn’t charge monthly fees to manage it.

The following things can be done with the MB app:

  • Savings account
  • Credit card
  • Payments via the QRIS scan method
  • Buying credit and data packages
  • e-Wallet top-up
QNB Bank - Logo


The QNB bank has been around since 1913, making it one of the oldest banks in Indonesia. But, like other traditional banks on the market, it has realized that it needs to update and start offering digital banking.

QNB Online Banking can be signed up for on their website by anyone.

The following are some of the features of the app:

  • Transfers, credit cards, Western Union payments, bill payments, and top-ups can all be paid for with this card.
  • Access your Accounts and Loans,
  • Locate ATMs and branches,
  • Redeem Life Rewards partners and points
  • Check out the interest and foreign exchange rates
  • Request checkbook
  • Apply for other products made by QNB

You can now open a time deposit at QNB without going to a branch office. This is a new feature.

QNB has so many banking services that there isn’t enough room to list them all.

TMRW Bank - logo


The next bank in Indonesia on our list is TMRW. It’s a mobile bank with checking and savings accounts, debit and credit cards from GPN and Mastercard, and even an interactive savings game.

When incentives are made into games, people respond to them better. We just said that The City of TMRW is an interactive savings game. As we said, the more money you save, the better your made-up city will look.

Through the City of TMRW, you can make your city unique and easily move money between your TMRW Everyday Account and your TMRW Savings Account.

The savings rate on the Everyday Account is 0.5% per year, and the rate on the Savings account is 3.50% per year.

Benefits of best online Banks in Indonesia

Online banks are much better than traditional banks in many ways that are easy to see. They went to the market not just in Indonesia, but everywhere.

First, their fees are low or even free. That means you don’t have to pay any administrative fees every month. If a digital bank has paid plans, they always have a free plan that is enough for everyday banking.

The fees for sending money are either free or very low, and the fees for exchanging money are much better than what traditional banks offer.

I had to open a traditional bank account not too long ago. It took an hour to sign a document about 15 times while sitting behind the clerk’s desk. Not to mention all the official paperwork I had to hand in.

On the other hand, you can open a digital bank account in just a few minutes by downloading the app, typing in your name, email, and address, and taking a photo of your ID and a selfie.

The process is very easy and doesn’t hurt at all. Governments and banks already have all of our information in their systems and know everything about us. There’s really no reason to make things harder.

The mobile app for this traditional bank doesn’t have any budgeting or analytics tools. This is something that most digital banks, if not all of them, do very well.

Every transaction you make is put into a category, so you can easily see how much you’ve spent.

Set a limit for each category you want to keep in check to make it easy to make a budget for the week or month. Most people’s spending can get out of hand when they don’t have a budget. This usually happens when they buy groceries, eat out, or do something fun.

Last, there are interest rates on savings. They are often much higher with digital banks because they want to give you a reason to put more money in your account because they need more money.

As you can see the online banks have a lot of benefits. It’s worth considering opening an account in one of the best online banks in Indonesia. 



When all of these banks start to “fight” for customers, the next few years will be very interesting. This should help the people of Indonesia a lot, since they will get more benefits for the same amount of money or even less.

Some of these banks, however, won’t make it, and at least one of them (Wokee) is already gone.

Indonesia is a big country with almost 300 million people. Many of them still don’t have bank accounts or don’t have enough money in their accounts. As long as banks focus on these people as well as the middle class, there should be more than enough people to go around. Everyone will have the possibility to choose the right account in one of the best online banks in Indonesia.

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